MGMT 1030 Lecture Notes - Lecture 9: Card Money, U.S. Bancorp, Life Insurance
24 Sep 2015
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Document Summary
Instability in colonial financial structure continued until transferable certificates for government purchases became reliable form of currency on upper canada (1792: army bills during war of 1812 were legal tender notes redeemed by british government. Chartered banks in british north america canada vs. Us: bank of montreal established in 1817; followed by bank of nova scotia (1832) and royal bank of canada (1859) Chartered banking in post-confederation canada regulation emergence: banking regulation stimulated by failure of the bank of upper canada (following overextension of loans to. Grand trunk railway) and in commercial bank: banks heavily invested by government that failed to regain money after bank failures; vastly indebted. Monopoly given to / dominion note; increased reporting requirements. Double liability provision legislated liable for 2x original amount; currency in circulation backed by acceptable gold reserves (improved the legitimacy of canadian dollar)
